Bank of America - 'Dead Last'

Dow Jones Newswires reports that Bank of America's 'stock ran dead last among the Dow Jones Industrials in the third-quarter, losing nearly 9% when the index rose 10.4%'.

According to the news agency, 'four of the bank's top 20 shareholders have sold 10% or more of their holdings since March, a bigger proportion than at competing banks'.

And critics say that the bank isn't doing enough to get out its story. Jeff Arricale, a VP at T. Rowe Price is quoted, saying that he found it 'surprising that Bank of America isn't disclosing more about the margins and returns it expects its businesses to earn'. Arricale says that he feels that the stock is 'very undervalued'.

In the meantime, Bloomberg reports that UBS and Credit Suisse will be required by the Swiss government to maintain 'almost double the capital required under the Basle III rules'. According to the news agency, the Swiss banks 'will need to hold total capital of at least 19% of their assets, compared with 10.5% the Basel Committee on Banking Supervision announced last month'.

Credit Suisse says that is has prepared for the new capital requirements over the last 2 years and that its 'client-focused, capital-efficient' strategy will allow it to meet the stringent rules by 2019 as required.

UBS has said that it is 'confident' of meeting the new capital measures.

Finally, CNBC reports that, according to an unnamed 'person familiar with the matter', Morgan Stanley's board of directors have considered 'pushing back the timescale for completing the (Morgan Stanley Citigroup Smith Barney wealth management) merger from September 2011 to January 2012 due to issues relating to integrating the two firms' technology platforms.

A Morgan Stanley spokesperson has denied, however, that there may be a delay and that the systems integration should be completed 'by around Labour Day 2011'.

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